The China financing news helped Tesla's stock rise above $420 a share for the first time, the value at which CEO Elon Musk claimed Tesla would go private.
Tesla Inc. has lined up more than $1.4 billion in financing from local banks for its Shanghai factory as the maker of electric cars prepares to begin deliveries of China-made Model 3 sedans in the country, people familiar with the matter said.
Chief Executive Elon Musk is counting on the China plant to help build on recent momentum for the company in the world’s largest market both for electric vehicles and autos in general. Tesla’s new-car registrations in China climbed to a five-month high of 5,597 in November, up from 393 a year earlier, according to state-backed China Automotive Information Net.
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